The tyre maker reported consolidated net loss of Rs 134.58 crore in Q1 June 2020 compared with net profit of Rs 141.60 crore in Q1 June 2019.
Net sales tanked 33.8% to Rs 2,828.23 crore in Q1 June 2020 over Rs 4,272.05 crore in Q1 June 2019. Pre-tax loss stood at Rs 162.20 crore in Q1 June 2020 compared with pre-tax profit of Rs 176.74 crore in Q1 June 2019. Current tax expense for the quarter dropped 82.6% to Rs 5.68 crore as against Rs 32.69 crore in Q1 June 2019. The result was announced after trading hours yesterday, 5 August 2020.
Meanwhile, the company's board approved issuing non-convertible debentures (NCDs) not exceeding Rs 1000 crore through private placement within the overall borrowing limits of the company. The board also approved issuing 5.40 crore, 6.34% compulsorily convertible preference shares (Tranche 2 CCPS) of face value Rs 100 each to the investors.
Apollo Tyres is an international tyre major with manufacturing units in India, the Netherlands and Hungary.
Shares of Apollo Tyres fell 0.52% to Rs 115.20 on BSE. The stock hovered in the range of Rs 111 to Rs 115.60 in intraday.
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